Browse Data and Analysis

Rice export prices dropped another 1-2 percent this week.

On March 28, 2024, China notified the National Food Safety Standard of Maximum Residue Limits for Pesticides in Foods to the World Trade Organization (WTO) under G/SPS/N/CHN/1299.

Food Standards Australia and New Zealand (FSANZ) have updated the laws on allergen labeling for foods sold throughout Australia and New Zealand. The new allergen labeling laws are called PEAL – Plain English Allergen Labelling.

Bite size local news, Post reports and activity summaries wrapped by ATO Hong Kong. In this issue: Hong Kong’s Market for Consumer-Oriented Products Holds Steady at $21 Billion; Quarterly Business Receipts For Service Industries Increases in Q4; Macau’s Migrant Population Grows, Ageing Ratio Climbs; Michelin Announces Seven Bew Big Gourmand Restaurants in Hong Kong and Three in Macau...

Taiwan’s soybean imports are forecast at 2.65 MMT for MY2023/2024 and MY2024/2025, a slight recovery from the previous MY. Weakness in feed demand due to animal diseases was one of the causes for lower soybean imports and reduced crush for MY 2022/2023.

In 2023, Taiwan imported US$3.7 billion agricultural products from the US, which accounted for 24.47 percent of the island’s total import value. Its food processing industry produced $30 billion of processed food and beverages, among which the strongest subsectors are animal feed, meat processing, baked goods, and non-alcoholic beverages.

In MY2024/2025, Taiwan’s wheat imports are forecast at 1.4 MMT. The United States is expected to recover market share from Australia due to better competitiveness and availability. MY2023/2024 and MY2024/2025 corn imports are forecast to recover to 4.55 MMT due to improved feed demand outlook, with restocking in both the hog and poultry sectors.

On February 15, 2024, the Minimum Access Volume (MAV) Management Committee issued an Administrative Circular (AC) that increased the annual MAV or Tariff Rate Quota for chipping potatoes from 30,000 to 60,000 metric tons (MT).

On March 12, 2024, the People’s Republic of China (PRC) National Health Commission (NHC) and State Administration for Market Regulation (SAMR) jointly published 47 new or updated national food safety standards and six amendments.

In recent years, and particularly in 2024, the Agricultural Trade Office (ATO) has received inquiries from local importers looking for U.S. ox gallstones - signaling an underlying demand for this byproduct in Hong Kong.

In relation to persistent rising food prices, Japan has seen a decline in overall vegetable oil consumption. Due to the more favorable crush margin for canola compared to soybeans, FAS/Tokyo forecasts a reduction in soybean imports and crush, while seeing an increase in rapeseed imports and crush for both MY 2023/24 and MY 2024/25.

In 2023, the United States remained the fourth largest exporter of consumer-oriented products to China, with demand for U.S. food processing ingredients, such as tree nuts, dried peas, dried fruit, ginseng, hops, and surimi, experiencing significant growth.